NY A01567

Amends General Municipal Law Section 3-c to require the commissioner of taxation and finance to include changes in assessed value for properties on the exempt side of tax rolls under payment in lieu of tax (PILOT) agreements when calculating the quantity change factor for local governments.

Amends Education Law Section 2023-a to apply the same requirement to school district quantity change factor calculations, ensuring PILOT agreement properties are included in assessments of taxable real property changes.

Removes language allowing the commissioner to promulgate rules and regulations that could adjust quantity change factor calculations based on development on tax-exempt land, replacing it with mandatory inclusion of PILOT property value changes.

Takes effect 120 days after becoming law, with immediate authorization for necessary rule and regulation changes to implement the act by the effective date.